Oman targets 3.5pc GDP growth in 10th 5-year plan

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Oman targets 3.5pc GDP growth in 10th 5-year plan

Jan 7, 2021 9:20 AM

Oman s Ministry of Economy will target a real GDP growth rate of 3.5 percent on average and 5.5 percent in nominal GDP growth rate as well as increasing the investment rate to 27 percent of GDP on average...

Oman’s Ministry of Economy will target a real GDP growth rate of 3.5 percent on average and 5.5 percent in nominal GDP growth rate, as well as increasing the investment rate to 27 percent of GDP on average, a senior government official said.

One of the main objectives of the plan is to attract more foreign direct investment in the oil and non-oil sectors, to reach 10.9 percent of the GDP by the end of the plan, Dr Nasser Rashid Al-Ma'awali, Undersecretary of the Ministry of Economy, was quoted as saying in an Oman News Agency (ONA) report.

This is in addition to increasing the private sector's contribution to investment to reach 60% on average, as well as achieving a real growth rate for non-oil activities estimated at about 3.2% on average, and maintaining safe and stable inflation rates in the range of 2.8% annually.

“Oman Vision 2040 has been directly followed up and supervised by His Majesty Sultan Haitham Bin Tarik. The tenth five-year plan reflects the directions of His Majesty that were included in his historic speech on 23 February 2020,”Al-Ma'awali said.

“The tenth five-year plan is of great importance at this historical stage and is considered the first implementation plan for the vision. It is also the first tool by which the potentials of the future vision and the proposed initiatives and policies are implemented in order to achieve the goals of the vision during the next five years."

He concluded that there will be a special pamphlet known as “The Citizen's Guide for the Tenth Five-Year Plan” in addition to a number of other documents within the plan’s outputs, including a volume for “The 1st Year Projects in the 10th Five-Year Plan”," “Monitoring and Evaluation Framework for the 10th Five Year Plan " and a volume for “The 10th Five Year Plan Programs” which will be released in the first quarter of 2021.

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